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Finances
K-LOVE is governed by the Educational Media Foundation, known as
EMF Broadcasting, a 501(c)3
not-for-profit ministry. No individual owns any stock in the corporation, which
is held for charitable purposes. The Board of Directors at large serve without
compensation for rotating four-year terms, and a person with supervisory
accounting experience holds one of the board positions.
In addition, EMF is a member of the
Evangelical Council on Financial
Accountability (ECFA). Founded by Billy Graham, the ECFA oversees our
financial affairs, ethics and reporting standards.
Organizations that are
members of the ECFA must comply with the following requirements:
- Obtain an annual audit performed by an independent accounting firm, and maintain
a functioning audit review committee, appointed by the board, to review this
annual audit and report to the board.
- Be governed by an independent, responsible board, a majority of whose members
are not employees or relatives. The board must also meet regularly to establish
policy and review accomplishments.
- Provide a copy of its current audited financial statements to anyone upon
written request.
In addition, ECFA members agree to comply with ECFA standards for fundraising.
These include truthfulness in communications, using funds specifically for the
purposes for which they were given and not creating unrealistic donor
expectations. Over the years, the ECFA seal has become a symbol of trust, and
K-LOVE is honored to be a part of that tradition.
Additional Information: